The Bancorp in Wilmington, Del., will have a new chief executive next year.
The $4.2 billion-asset company disclosed in a regulatory filing Monday that Betsy Cohen, 72, will retire as its CEO on Dec. 31. Cohen, who will also step down as a director of The Bancorp and its bank unit, will remain an adviser to the company.
Frank Mastrangelo, the company's president and chief operating officer, will succeed Cohen as CEO. Her son, Daniel Cohen, will become chairman of the bank; he is already the company's chairman.
The Bancorp has been dealing with regulatory pressure to improve its anti-money laundering capabilities. The Federal Deposit Insurance Corp. hit the company with a consent order in June due to Bank Secrecy Act compliance problems. The company also announced earlier this year that it would eliminate its commercial lending operations.
The company reported a $16.8 million third-quarter loss, compared to a $4.8 million profit a year earlier.